BTCUSD Bearish Symmetric Triangle Negates Double Bottom

מעודכן

Unfortunately, the bears are strong and they drag bulls once again down in the mud. Now we can see a symmetric triangle has formed, showing the fight between bulls and bears is about to have a conclusion. Symmetric triangle usually marks the continuation of the trend. Last time we see a giant symmetric triangle on 4-hour chart was before the 6k drop. We could expect to see a break down in the near future.

The downward target for the current symmetric triangle is 5k-5k4

הערה

Seems we could have one more bounce to around 7000

הערה

The consolidation might be a preparation for one more drop. Then it will bounce back to 7000 and make a final decision.

הערה

Rising wedge on 15-min chart forming. 7k might be too far away.

הערה

Bulls are turning rising wedge into a rising channel. There are many big buyers around 6700 level. Big players are fighting with money.

הערה

We are on the edge of the giant falling wedge and the symmetric triangle on the log chart. A upward breakout above 7100 will be a bullish confirmation.

הערה

Breakout from the symmetric triangle. Upward target 8k

Callmepope

We don't trade patterns. We draw them.

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